MIRA
INFORM REPORT
|
Report Date : |
30.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
K K NAG LIMITED (w.e.f.13.07.1965) |
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|
|
|
Formerly Known
As : |
K K NAG PRIVATE LIMITED |
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|
Registered
Office : |
15 Sangam Project, Phase II, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
13.07.1965 |
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|
Com. Reg. No.: |
25-013267 |
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Capital
Investment / Paid-up Capital : |
Rs. 8.470
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25209MH1965PLC013267 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEK00493D |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Subject is engaged in the manufacture of Expand Polystyrene (EPS), moulded
packaging and components and trading of evaporative air coolers and parts
thereof. |
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|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 243000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The
company has incurred a loss in the current year. However, trade relations are
reported as fair. Business is active. Payments are reported to be sound. The company can be considered for business dealings with some
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top
spot for the world’s most honest city while Lisbon, the capital of Portugal,
proved to be the least honest. The survey put hundreds of people to test
in four continents to find out just how honest they were by dropping wallets
and seeing how many would be returned.
3.7 % Growth of the core
sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including India, on
social media this year, according to a global study by information technology
major Tata Consultancy Services. This will rise to $ 24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the spending
capacity in India. Over 72 % respondents from middle and lower middle income
families would be forced to slash their Diwali expenditure by 40 % and on
average spend nearly 25 % of their monthly salary on Diwali, according to a
survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long-term rating : (BB-) |
|
Rating Explanation |
Moderate risk of default |
|
Date |
June 15, 2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : (A4+) |
|
Rating Explanation |
Minimal degree of safety it carry high
credit risk. |
|
Date |
June 15, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Kailash Jhunkurkr |
|
Designation : |
Account Head |
|
Contact No.: |
91-811-27841639 |
|
Date : |
28.10.2013 |
LOCATIONS
|
Registered / Corporate / Pune Sales Office: |
15 Sangam Project, Phase II, Sangam Bridge, 46 Dr Ambedkar
Road, Pune-411001, Maharashtra, India |
|
Tel. No.: |
91-20-30269650 |
|
Fax No.: |
91-20-30269651 |
|
E-Mail : |
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|
Website : |
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Pune Manufacturing
- Talegaon: |
Gat No. 393, At Post Urse, Taluka Maval, Pune - 410506, Maharashtra,
India |
|
Tel. No.: |
91-2114-237081/ 82/ 83/ 237481/ 85 |
|
Fax No.: |
91-2114-237084 |
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E-Mail : |
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|
Pune Manufacturing
- Ranjangaon: |
Plot No. E - 86, Ranjangaon Industrial Area, Village Karegaon,
Taluka Shirur, District Pune - 412208, Maharashtra, India |
|
Tel. No.: |
91-2138-288276/ 232731 |
|
Fax No.: |
91-2138-237084 |
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E-Mail : |
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|
Bangalore Sales Office
/ Bangalore Manufacturing: |
Survey No. 182/1, Anekal To Attibelel Road, Bidragere Grama, Kasaba
Hobli, Bestamanahalli Post, Anekal, Bangalore - 562106, Karnataka, India |
|
Tel. No.: |
91-80-27841638 |
|
Fax No.: |
91-80-27841639 |
|
E-Mail : |
|
|
|
|
|
Puducherry Sales
Office and Manufacturing : |
84/1, |
|
Tel. No.: |
91-413-2699970/ 2699971/ 3243125 |
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Fax No.: |
91-413-2699785 |
|
E-Mail : |
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|
Chennai Sales
Office / Chennai Manufacturing - Thiruvallur : |
Survey No. 490/2A and 2B, Vengathur Village, Kilnallathur-Vengathur
Thandupattai Road, Thiruvallur-602002, India |
|
Tel. No.: |
91-44-27640554 |
|
Fax No.: |
91-44-27640554 |
|
E-Mail : |
|
|
|
|
|
Engineering Support Division/ Rotomoulding Division/ Rural Development
Cell : |
Shembekar Industrial Compound, Chinchwad, Pune - 411019, Maharashtra, India |
|
Tel. No.: |
91-20-65104554/ 27461440/ 27440245 |
|
Fax No.: |
91-20-30269651 |
|
E-Mail : |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Milon Kalyankumar Nag |
|
Designation : |
Managing director |
|
Address : |
“Barodi”, 3, Boat Club Road, Pune - 411001, Maharashtra, India |
|
Date of Birth/Age : |
06.07.1962 |
|
Date of Appointment : |
01.11.1986 |
|
DIN No.: |
00267622 |
|
|
|
|
Name : |
Mr. Ulhas Damle |
|
Designation : |
Director |
|
Address : |
A - 501, Eves Garden, Opposite Baner Telephone Exchange, Baner Road,
Pune – 411045, Maharashtra, India |
|
Date of Birth/Age : |
08.04.1954 |
|
Date of Appointment : |
01.07.2001 |
|
DIN No.: |
00267735 |
|
|
|
|
Name : |
Ayyappankave Venkateshwaran Ramanathan |
|
Designation : |
Director |
|
Address : |
A-3/22, Agrasen Co-Operative Housing Society, 8, Koregaon Road,
Pune – 411001, Maharashtra, India |
|
Date of Birth/Age : |
15.03.1939 |
|
Date of Appointment : |
02.10.1978 |
|
DIN No.: |
01489659 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Nag K Milon Jointly with Nag Milon Mitali |
|
26925 |
|
Nag K Milon Jointly with Nag Milon Shona |
|
26925 |
|
Nag K Milon Jointly with Nag Milon Crishna |
|
26924 |
|
Nag Milon Mitali Jointly with Nag K Milon |
|
1 |
|
Damle D Ulhas |
|
3920 |
|
Sabnberwal Joya Jointly with Nag K Milon |
|
8 |
|
Nag Milon Crishna Jointly with Nag K Milon |
|
1 |
|
|
|
|
|
TOTAL |
|
84704 |
AS ON 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacture of Expand Polystyrene (EPS), moulded
packaging and components and trading of evaporative air coolers and parts
thereof. |
||||
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||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed Capacity (See Notes 2 and 3 Below) (Quantity) |
Actual Production (See Note 1 Below) |
|
Shape Mouldings |
Nos. |
-- |
66,168,74 |
|
Rotational Moulding |
Nos. |
-- |
38,888 |
|
Trading Air Coolers (See Note 4 Below) |
Nos. |
-- |
3,140 |
|
Moulds |
Nos. |
-- |
74 |
NOTE:
- The
quantitative information has been given in numbers and sets in respect of
those dealt with in numbers and sets.
- The Company
has been exempted from the Industries (Development and Regulation) Act, 1951
being Small Scale Ancillary industrial Unit and as such the Central
Government has not prescribed Licensed capacity for the products.
- The installed
capacity depends on product mix and in view of the varied nature of the products,
it is not possible to give an indication.
- Information
given under the column “Production” represents “Purchases”
GENERAL INFORMATION
|
Customers : |
Ř Ford Motors Ř Man Force Trucks
Private Limited Ř General Motors Ř Grupo Antolin Ř Godrej Ř Haier Ř Hindustan
Unilever Limited Ř JABIL Ř LG Ř Lear Corporation Ř Pinnacle
Industries Limited Ř Panasonic Ř Samsung Ř Serum Institute Ř Supreme Treves Ř Skoda Ř Tata Ř Toyota Kirloskar
Motors |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
State Bank of
India, Industrial Finance Branch, Near Kalasagar Hotel, Kasarwadi, Pimpri,
Pune - 411034, Maharashtra, India |
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Facilities : |
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Banking Relations
: |
-- |
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|
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Auditors : |
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|
Name : |
Delloite Haskins and Sells Chartered Accountants |
|
Address : |
706, B Wing, 7th Floor, ICC Trade Tower, Senapati Bapat
Road, Pune – 411016, Maharashtra, India |
|
Tel. No.: |
91-20-66244600 |
|
Fax No.: |
91-20-66244605 |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFS7376P |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
84,704 |
Equity Shares |
Rs. 100/- each |
Rs. 8.470
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
8.470 |
8.470 |
|
(b) Reserves & Surplus |
|
52.299 |
64.499 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
60.769 |
72.969 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
23.641 |
27.329 |
|
(b) Deferred tax liabilities (Net) |
|
5.222 |
10.786 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
|
28.863 |
38.115 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
73.239 |
74.386 |
|
(b) Trade payables |
|
219.407 |
195.704 |
|
(c) Other current liabilities |
|
28.812 |
25.627 |
|
(d) Short-term provisions |
|
0.597 |
4.516 |
|
Total Current Liabilities (4) |
|
322.055 |
300.233 |
|
|
|
|
|
|
TOTAL |
|
411.687 |
411.317 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
152.053 |
151.137 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
6.303 |
9.977 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
10.721 |
12.098 |
|
(e) Other Non-current assets |
|
4.685 |
2.952 |
|
Total Non-Current Assets |
|
173.762 |
176.164 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
76.601 |
72.819 |
|
(c) Trade receivables |
|
146.097 |
126.573 |
|
(d) Cash and cash equivalents |
|
3.563 |
2.860 |
|
(e) Short-term loans and
advances |
|
6.915 |
16.262 |
|
(f) Other current assets |
|
4.749 |
16.639 |
|
Total Current Assets |
|
237.925 |
235.153 |
|
|
|
|
|
|
TOTAL |
|
411.687 |
411.317 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
8.470 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
50.899 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
59.369 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
70.133 |
|
|
2] Unsecured Loans |
|
|
36.929 |
|
|
TOTAL BORROWING |
|
|
107.062 |
|
|
DEFERRED TAX LIABILITIES |
|
|
9.831 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
176.262 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
131.299 |
|
|
Capital work-in-progress |
|
|
15.161 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
53.239
|
|
|
Sundry Debtors |
|
|
132.053
|
|
|
Cash & Bank Balances |
|
|
7.671
|
|
|
Other Current Assets |
|
|
0.273
|
|
|
Loans & Advances |
|
|
30.193
|
|
Total
Current Assets |
|
|
223.429 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
169.503
|
|
|
Other Current Liabilities |
|
|
11.978
|
|
|
Provisions |
|
|
12.140
|
|
Total
Current Liabilities |
|
|
193.627 |
|
|
Net Current Assets |
|
|
29.802
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
176.262 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
818.053 |
780.228 |
668.606 |
|
|
|
Other Income |
5.721 |
6.314 |
10.523 |
|
|
|
TOTAL (A) |
823.774 |
786.542 |
679.129 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of Raw Materials |
400.876 |
366.369 |
|
|
|
|
Purchase of stock in trade |
26.413 |
30.702 |
|
|
|
|
Increase/ Decrease in Stock of Finished Goods and Work in process |
(4.628) |
(18.470) |
|
|
|
|
Employee benefit expenses |
96.634 |
85.888 |
|
|
|
|
Other expenses |
271.001 |
253.659 |
|
|
|
|
TOTAL (B) |
790.296 |
718.148 |
624.523 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
33.478 |
68.394 |
54.606 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
26.261 |
22.385 |
18.806 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7.217 |
46.009 |
35.800 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
25.837 |
22.628 |
19.654 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(18.620) |
23.381 |
16.146 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(6.420) |
7.799 |
5.179 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(12.200) |
15.582 |
10.967 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
44.298 |
32.258 |
24.773 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
1.560 |
1.500 |
|
|
|
Dividend |
0.000 |
1.694 |
1.694 |
|
|
|
Tax on Dividend |
0.000 |
0.288 |
0.288 |
|
|
BALANCE CARRIED
TO THE B/S |
32.098 |
44.298 |
32.258 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
29.745 |
28.562 |
30.659 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
35.198 |
33.329 |
30.765 |
|
|
|
Stores & Spares |
1.605 |
4.552 |
2.220 |
|
|
|
Capital Goods |
3.946 |
5.113 |
5.900 |
|
|
|
Traded Goods |
22.970 |
27.067 |
9.421 |
|
|
TOTAL IMPORTS |
63.719 |
70.061 |
48.306 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(144.03) |
183.96 |
129.47 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(1.48)
|
1.98
|
1.64
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(2.28)
|
3.00
|
2.41
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.59)
|
5.83
|
4.55
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.31)
|
0.32
|
0.27
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.59
|
1.39
|
1.80
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.74
|
0.78
|
1.15
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
Note:
The registered office of the company has been shifted from Gat No. 393, At
Post Urse, Taluka Maval, Pune – 410506, Maharashtra, India to present address
w.e.f.28.05.2011
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Fixed Deposit |
|
|
|
From Directors |
2.800 |
8.100 |
|
From Others |
6.706 |
1.256 |
|
Deferred sales tax loan |
3.980 |
7.539 |
|
Other loans and advances |
8.512 |
7.495 |
|
Total |
21.998 |
24.390 |
CORPORATE RESULTS:
The Company’s performance for the financial year 2011-12 was disappointing. Though the Company achieved a modest growth of 5% in the top line recording a turnover of Rs. 818.053 Millions, it suffered a net loss before tax of Rs. 18.622 Millions compared to the profit of Rs. 23.381 Millions in the previous year.
OPERATIONS:
On account of the relentless increase in input costs which could not be fully passed on to customers, mainly due to the slowdown in the domestic as well as the global economy, the Company’s performance was adversely impacted resulting in a loss of Rs. 18.622 Millions before tax.
MANUFACTURING
DIVISION: URSE
With concerted efforts to pass on cost increases to customers, this Division was able to register a marginal profit on increased sales of 11 % over the previous year.
MANUFACTURING
DIVISION: RANJANGAON
This Division continued its good performance registering a top line growth of 5%. However, on account of cost pressures, the profitability of this Division declined marginally during the year.
MANUFACTURING
DIVISION: BANGALORE
Sales increased by 13% which resulted in a substantial reduction in its loss compared to the previous year, in spite of the fire on 12 March, 2010, which affected the operational performance during the first half of the year.
MANUFACTURING
DIVISION: KARIAMANICKKAM
The Sales of this Division declined by 7% and therefore the profitability of the Division could not be sustained partly also on account of higher costs.
MANUFACTURING
DIVISION: THIRUVALLUR
As mentioned in there report last year, the Company commenced operation at its new plant in Chennai in June, 2010. However, on account of the start-up problems, it ended its first year of operations in a loss.
ROTOMOULDING
DIVISION:
Though the turnover of this Division went up marginally by 5%, its profitability was adversely affected by inflationary pressures on input costs and expenses.
ENGINEERING SUPPORT
DIVISION:
This Division continued Its relentless efforts to provide design and development inputs to there customers resulting in a win-win situation and was the support back-bone in providing quality tools to all the manufacturing Divisions.
BREEZAIR BUSINESS
GROUP:
In spite of the performance of this Division being below expectations, was able to maintain its profitability compared to the previous year.
MODERNISATION,
IMPROVEMENT AND SOCIAL ACTIVITY:
The Company continued to strengthen its focus on Total Quality Management and Continuous Improvement by conducting Gemba Kaizen Workshops with the help of a reputed consultant
During the year , the Company decided to undergo an independent credit rating by CRISIL and was given a rating of 88-/ Stable.
As part of its Corporate Social Responsibility, the Company
has adopted the
The Company is also involved with the Confederation of Indian Industry in its efforts to establish and promote a Code of Conduct for Affirmative Action.
CURRENT YEAR:
Though the current year's operation started on a sound footing,
in view of the slowdown in the global economy and more specifically in
CONTINGENT LIABILITIES:
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
|
Bank Guarantee outstanding |
4.490 |
4.341 |
|
Matters pending in appeals |
|
|
|
For Income tax |
0.335 |
0.335 |
|
For Sales tax |
5.662 |
6.062 |
|
For Service tax |
0.000 |
0.534 |
|
Excise duty matters pending in appeals |
0.328 |
0.389 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10018036 |
05/03/2013 * |
149,500,000.00 |
State Bank of India |
Industrial Finance Branch, Near Kalasagar Hotel, Kasarwadi, Pimpri, Pune, Maharashtra - 411034, INDIA |
B71179402 |
|
2 |
90087968 |
07/01/2000 * |
67,000,000.00 |
STATE BANK OF INDIA |
PIMPRI BR., PUNE, Maharashtra, INDIA |
- |
|
3 |
90082413 |
01/12/2003 * |
31,800,000.00 |
STATE BANK OF INDIA |
PIMPRI, PUNE BRANCH, PUNE, Maharashtra - 411034, |
- |
|
4 |
90090040 |
28/10/1994 |
14,400,000.00 |
STATE BANK OF INDIA |
PUNE PIMPRI BR., PUNE, Maharashtra, INDIA |
- |
|
5 |
90087594 |
08/12/1988 * |
7,132,000.00 |
STATE BANK OF INDIA |
PIMPRI BRANCH, BOMBAY-PUNE ROAD, PUNE, Maharashtra - 411018, INDIA |
- |
|
6 |
90089353 |
28/10/1994 * |
7,432,000.00 |
STATE BANK OF INDIA |
PIMPRI BR., PUNE, Maharashtra - 411034, INDIA |
- |
|
7 |
90089194 |
24/12/1981 * |
3,900,000.00 |
STATE BANK OF INDIA |
PIMPRI BRANCH, BOMBAY-PUNE ROAD, PUNE, Maharashtra - 411034, INDIA |
- |
* Date of charge modification
FIXED ASSETS:
Ř Freehold Land
Ř Leasehold Land
Ř Factory Building
Ř Plant and Machinery
Ř Moulds
Ř Furniture and Fixtures
Ř Office Equipments
Ř Software
Ř Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.46 |
|
|
1 |
Rs. 98.99 |
|
Euro |
1 |
Rs. 84.72 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.